A sharp rise in supplies shows that all regions have increased oil flows, the outlet reports
Shipments of Russian seaborne crude surged last week as buyers rushed to fill up stocks days before the world’s third largest producer is due to slash oil output, Bloomberg reported on Tuesday.
Exports from Russia’s Baltic, Black Sea, Arctic, and Pacific terminals jumped by 26% compared to the previous week, reaching a total of 25.2 million tons of crude or 3.6 million barrels a day in the seven days to February 17.
Earlier this month, Moscow announced it would voluntarily reduce oil production in March by 500,000 barrels per day, as it halts sales to buyers that comply with a Western-imposed price ceiling. Numerous Western analysts interpreted the move as unavoidable and a forced decision, although the flow data indicate that Russia’s oil output cut was rather a policy of choice, Bloomberg claimed.
Large volumes of crude, including oil that previously went to Poland and Germany by pipelines, were shipped from Russian ports on European tankers.